No one to run to: Aussies don’t know who to trust with money

When it comes to finances, not only do most Australians have no one they trust, they also don’t trust the advice they do receive, a new report has found.

According to a survey commissioned by NGS Super, 56 per cent of working Australians believe they don’t have anyone they trust to advise them on finance and investing.

Additionally, just 19 per cent of those who consulted a financial planner in the last five years said they had a trusted financial adviser.

“The trust deficit in advice represents a solid opportunity for industry super funds in particular to step up and be champions for the financial advice industry,” NGS Super’s acting CEO, Laura Wright, said.

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“Unfortunately, too many Australians are unaware that their industry super fund offers financial advice and planning services, with less than 1 per cent of our members taking up our fund’s financial advice offering.”

What women (and men) want

While men and women were united in their approaches to superannuation, with 60 per cent considering it to be complex, attitudes towards investing tend to diverge along trust lines.

• I want someone to trust

Women younger than 50 are the most eager to find someone to rely on for financial advice (58 per cent), compared to 46 per cent of men.

• What about family?

Women who do have someone to trust are more likely to look to a family member for this advice than men.

This is the case for 69 per cent of women younger than 50, but only 47 per cent of men. However, this familial reliance diminishes after 50, with just 22 per cent of men older than 50 turning to a family member for advice and 37 per cent of women.

• Friends?

Men younger than 50 are more than half as likely as women to seek investment advice from a friend, with 31 per cent of men turning to a buddy, compared to 15 per cent of women.

However, just 17 per cent of men older than 50 seek advice from a friend and 10 per cent of women turn to a pal.

• A professional adviser?

Despite most men and women agreeing they want advice they can rely on, only 28 per cent of women have consulted a financial planner or adviser in the last five years. Australian men aren’t much better, with only 33 per cent turning to an adviser or planner.